Reply to $600K-$800K HHI

Forum Index » Money and Finances

Reply to "$600K-$800K HHI"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]40/41 - HHI around 700k
NW around 4.5M-5M, with only
1 kid with another on the way
Expected inheritance of at least 1M in the next 10 years.

We front loaded our savings so that we could secure a good foundation and not wait until we are retired to travel/enjoy nice things.

We still save in the neighborhood of 300k gross.  But a significant portion of that goes toward hobbies, travel, home improvement.  We just went through a bit of a 2 year super cycle of capital expenditure needing to replace both cars, replace HVAC, and quite a bit of significant deferred exterior work.  Plus IVF.  All of those really cut into YoY savings.

We also over save to constrain our monthly budget but then prioritize 1-time expenses like hobbies and travel.

Now that a second child is on the way, we will need to tighten our purse strings to hit our goals without sacrificing travel, which is one of our biggest annual spending priorities and we are always including our child, and plan to include both.

I’d say right now we spend around 35k on travel a year - with some of that out of cash flow and a portion from accumulated savings, but that includes an annual spendy weekend trip for each spouse with friends, a ski vacation, a few long weekends, day trips, and domestic summer travel.

I’d say we put about 200k in locked away savings and of the remaining 100k we save at least 50k a year at the end but in years past have managed to keep all 100k locked up into the following year.  We’ve definitely increased spending over the last few years and decreased savings.  We’d be open to tapering further.

I find that savings rate to be pretty aggressive and we don’t buy a lot of stuff.  We don’t have a ton of home furnishings, we don’t buy a lot of clothes, etc.

Besides travel, we also prioritize social lives for ourselves and our child, which means we are entertaining a lot, going out to eat a lot, and doing a lot of activities, both organized and informal.

We haven’t been laser focused on retirement because retirement is just one phase of life and we don’t want a substantially better QOL in retirement than we have now.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics